On Wednesday, Aldar Properties announced the successful issuance of $500 million in 10-year green bonds. The sukuks were issued at a premium of just 110 basis points over US Treasuries, lower than the initial indicative price of 140 basis points set earlier in the day. The offering received purchase orders worth over $1.9 billion as part of a financing program launched by the company totaling two billion dollars.
The proceeds from the sale of these green bonds will be used to finance, refinance, and invest in green projects. HSBC and Standard Chartered were chosen as joint global coordinators, with Abu Dhabi Commercial Bank, Abu Dhabi Islamic Bank, Dubai Islamic Bank, Emirates NBD Capital, First Abu Dhabi Bank, Mashreq, and Morgan Stanley as lead managers and joint bookrunners.
Mubadala Investment Company owns 25% of Aldar Properties while International Holding Company owns 26%. In mid-May, the real estate development company sold $500 million in 10-year green bonds to finance a project within its green financing program.
Overall, this successful issuance represents a positive step towards sustainable financing and investment in green projects for Aldar Properties.
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